QXO (NASDAQ:QXO) Trading 5.4% Higher - What's Next?

Key Points

• QXO, Inc. shares experienced a 5.4% increase during trading, reaching a last traded price of $21.23, despite a volume drop of 64% from the average.
• Multiple brokerages have provided positive ratings for QXO, with the consensus rating now at "Buy" and an average price target of $34.30.
• Institutional investors have significantly increased their stakes in QXO, with major firms like Vanguard and Affinity Partners boosting their holdings by substantial percentages in the second quarter.

QXO, Inc. (NASDAQ:QXO - Get Free Report) shares were up 5.4% on Tuesday . The stock traded as high as $21.34 and last traded at $21.23. Approximately 2,116,742 shares traded hands during trading, a decline of 64% from the average daily volume of 5,900,980 shares. The stock had previously closed at $20.13.

Analyst Ratings Changes

Several equities research analysts recently weighed in on QXO shares. Oppenheimer started coverage on shares of QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective for the company. Zacks Research raised shares of QXO from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Wells Fargo & Company started coverage on shares of QXO in a report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 target price for the company. Robert W. Baird began coverage on shares of QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price objective for the company. Finally, Citigroup began coverage on shares of QXO in a research report on Wednesday, July 16th. They set a "buy" rating and a $33.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $33.73.

QXO Trading Up 6.7%

The company has a market cap of $14.84 billion, a price-to-earnings ratio of -2.42, a P/E/G ratio of 4.09 and a beta of 2.35. The firm's 50-day moving average price is $20.86 and its 200 day moving average price is $17.24.

Hedge Funds Weigh In On QXO

Several large investors have recently bought and sold shares of QXO. American Capital Advisory LLC raised its stake in shares of QXO by 258.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock worth $25,000 after purchasing an additional 841 shares during the period. First Horizon Advisors Inc. grew its holdings in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after buying an additional 1,017 shares in the last quarter. AlphaQuest LLC grew its holdings in QXO by 22.9% during the 2nd quarter. AlphaQuest LLC now owns 5,907 shares of the company's stock valued at $127,000 after buying an additional 1,099 shares in the last quarter. Sheets Smith Wealth Management grew its holdings in QXO by 6.4% during the 2nd quarter. Sheets Smith Wealth Management now owns 18,410 shares of the company's stock valued at $397,000 after buying an additional 1,112 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new position in shares of QXO during the second quarter worth about $25,000. 58.68% of the stock is currently owned by institutional investors.

About QXO

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.